BSETHIGH SIGNALFINANCIAL10-K

BSET delivered exceptional financial performance with revenue surging 304.5% to $457M while achieving a dramatic turnaround from a $9.7M loss to $6.1M profit.

This massive revenue growth coupled with the return to profitability suggests either a major business transformation, significant market share gains, or potentially an acquisition that fundamentally changed the company's scale. The company also substantially deleveraged by reducing total debt 92% while maintaining healthy inventory growth of 12.4%.

Comparing 2026-02-05 vs 2025-02-10View on EDGAR →
FINANCIAL ANALYSIS

BSET experienced transformational growth with revenue exploding over 300% while simultaneously achieving profitability across all key metrics - turning operating losses into $7.8M in operating income and generating strong $13.5M in operating cash flow (up 233%). The company strengthened its balance sheet by dramatically reducing debt by 92% to just $292K while modestly increasing inventory 12.4% to support the expanded business. This combination of explosive growth, profitability restoration, and balance sheet improvement signals a fundamental positive transformation of the business model.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+304.5%
$113.0M$456.9M

Strong top-line growth of 304.5% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+233.1%
$4.0M$13.5M

Operating cash flow surged 233.1% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+162.9%
-$9.7M$6.1M

Net income grew 162.9% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+148.1%
-$16.3M$7.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Total Debt
Balance Sheet
-92.2%
$3.7M$292K

Debt reduced 92.2% — deleveraging strengthens balance sheet and reduces financial risk.

Share Buybacks
Cash Flow
+51.4%
$1.4M$2.1M

Share repurchases increased 51.4% — management returning capital, signals confidence in intrinsic value.

Interest Expense
P&L
+36.4%
$22K$30K

Interest expense surged 36.4% — significant debt increase or rising rates materially impacting earnings.

Inventory
Balance Sheet
+12.4%
$55.0M$61.8M

Inventory built 12.4% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-05
PRIOR — 2025-02-10
ADDED
References to 2025, 2024 and 2023 mean the fiscal years ended November 29, 2025, November 30,2024 and November 25, 2023.
Approximately 60% of our wholesale sales arise from our network of 86 Company-owned and licensee-owned Bassett Home Furnishings ( BHF ) stores.
The stores highlight our custom furniture design and manufacturing capabilities, free in-home or virtual design visits ( home makeovers ) and coordinated decorating accessories.
Bassett also has a significant traditional wholesale business with more than 1,000 open market accounts.
Most of the open market sales are through Bassett Design Centers and Bassett Custom Studios which function as a store within a multi-line store featuring the Company s custom furniture capabilities.
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REMOVED
References to 2024, 2023 and 2022 mean the fiscal years ended November 30, 2024, November 25,2023 and November 26, 2022.
Our products are sold primarily through a network of Company-owned and licensee-owned branded stores under the Bassett Home Furnishings ( BHF ) name, with additional distribution through other wholesale channels including multi-line furniture stores, many of which feature Bassett galleries or design centers.
We also sell our products through our website at www.bassettfurniture.com.
With 87 BHF stores at November 30, 2024, we have leveraged our strong brand name in furniture into a network of Company-owned and licensed stores that focus on providing consumers with a friendly and casual environment for buying furniture and accessories.
In order for the Bassett brand to reach markets that cannot be effectively served by our retail store network, we also distribute our products through other wholesale channels including multi-line furniture stores, many of which feature Bassett galleries or design centers.
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